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Notes Receivable, net and Other (Tables)

12 Months Ended

Dec. 31, 2021

Receivables [Abstract]

Schedule of Notes Receivable and Other

Notes receivable, net are summarized in the table below (dollars in thousands):

			Interest Rate						December 31, 2021						December 31, 2020
Construction Financing Note (1) (5)
Face amount			7.0		%				$	4,000					$	4,000
Discount (2)									—						(143)
									4,000						3,857
Certificate of Occupancy Note (3) (5)
Face amount			7.0		%				$	5,250					$	5,250
Discount (4)									(527)						(844)
									4,723						4,406
Notes receivable, net									$	8,723					$	8,263

____________________________________

(1)    The outstanding principal balance and all accrued and unpaid interest is due and payable on or before the earlier of (i) the buyer closing on third-party institutional financing for the construction of improvements on the property, (ii) three years after the development commencement date, or (iii) July 9, 2024.

(2)    The discount represents the imputed interest during the interest-free period. Interest began accruing on July 9, 2021.

(3)    The outstanding principal balance and all accrued and unpaid interest is due and payable on or before July 9, 2025.

(4)    The discount represents the imputed interest during the interest-free period. Interest begins accruing on July 9, 2023.

(5)     The notes receivable are secured by the 1.65-acre land parcel adjacent to the Hilton St. Petersburg Bayfront.

Schedule of Other Income (Expense)

We recognized discount amortization income as presented in the table below (in thousands):

												Year Ended December 31,
Line Item																		2021						2020						2019
Other income (expense)																		$	460					$	554					$	119

For the year ended December 31, 2021 and 2020, respectively, we recognized imputed interest income as presented in the table below (in thousands):

												Year Ended December 31,
Line Item																		2021						2020						2019
Other income (expense)																		$	211					$	300					$	72

We recognized amortization expense related to the free use of parking easement as presented in the table below (in thousands):

												Year Ended December 31,
Line Item																		2021						2020						2019
Other income (expense)																		$	—					$	(117)					$	(118)

Schedule of Other Consideration

Other consideration received from the sale of the 1.65-acre parking lot adjacent to the Hilton St. Petersburg Bayfront is summarized in the table below (dollars in thousands):

			Imputed Interest Rate												December 31, 2020
Future ownership rights of parking parcel			7.0		%										$	4,100
Imputed interest															372
															$	4,472		(1)

____________________________________

(1)    Included in “other assets” in the consolidated balance sheet.

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- Definition

Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables.

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Tabular disclosure of receivables or notes with discounts or premiums resulting from the determination of present value in cash or noncash transactions, including description of the receivable, the effective interest rate, the face amount, amortization period and method.

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